Covid-19 the main driver behind income protection purchases

Over half of 2021 policy sales due to pandemic

clock • 1 min read
Covid-19 the main driver behind income protection purchases

Covid-19 has influenced UK consumer income protection insurance purchases with 52% citing the pandemic as the primary factor, according to GlobalData.

Research from the 2020-21 UK Insurance Consumer Surveys found that over half of income protection policies were sold primarily due to the pandemic in 2021, up from 37.4% the year prior. Accident and sickness cover was the most purchased type of personal income protection policy in 2021 with a 44.6% purchase share, according to the research. Meanwhile, of all income protection products sold, 55.4% provided cover against redundancy in the form of unemployment insurance or comprehensive income...

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